Condo insurance is different than renters or homeowners insurance. It may seem overwhelming at first, but this site will walk you through the basics so you can buy a condo insurance policy that will fit your needs and your budget. By using this website, you can quickly and easily get free condo insurance quotes. Simply enter your basic information and agents from our nationwide network who are in your local area will contact you. They will be competing for your business by offering you the best condo insurance quote. Just pick the quote that offers you the best coverage at the lowest rates. When agents compete for your business you always come out the winner.
Condominium Unit Owners insurance policies are designed specifically for people who own and occupy, for at least part of the year, a unit in a structure owned and insured by a condominium association, townhouse association, cooperative (coop), homeowner association, planned community or similar organizations. Regardless of the type of condominium unit you are the home owner of, you can get cheap quotes and rates. Simply fill out the basic form and you'll be a few short steps away from getting the best condo insurance coverage.
Condominium Unit Owners Insurance Basics
In order to make your condominium unit owners insurance more efficient or affordable, your association may use an association master policy. A condo association master policy insures all of the building and common elements in one single condo insurance policy. Generally, the association master policy can provide coverage in one of three areas, which are as follows:
1. The association master policy can insure just the basic building or buildings but does not provide coverage for fixtures inside the unit. This would provide coverage for items such as walls, roof, floors and elevators of the building but holds the home owner responsible for carpeting, cabinets, appliances, wall coverings, and even in some instances, the interior walls.
2. The association master policy can insure both the basic building or buildings and the items within your condominium unit besides personal property.
3. The association master policy can insure both the basic building or buildings and includes the unit owner's fixtures and improvements.
Usually, the condominium association master insurance policy does not cover personal property. If your master policy does not, you will need an additional policy to cover your valuables and belongings. You will need additional coverage for anything you own that is not covered in the association master policy. You will want your additional policy to cover the following:
- Items that are the home owner's insurance responsibility that are not covered by the association master policy must be covered by condo insurance.
- If the home owner or owners has made any additions or alterations that have added value to the building at the expense of the owner or owners should be covered by a owners insurance policy.
- Any value added should be covered by owners coverage. For example, if you replace the kitchen cabinets for a higher quality than was originally in the unit, you will want coverage that makes up the difference in case of a loss.
- The owner or owners will also want coverage for any damage to the condominium unit that would not be compensated because of the deductible on the association master policy.
One of the most complicated aspects of condominium insurance is building coverage. Conditions , bylaws and other governing regulations of condominium association master policies can vary greatly. You need to be sure that you have condominium coverage for any items of the homeowner or homeowners that are not covered in the master policy. Talk to a local agent at any of the nationwide companies about any potential gaps in your condominium coverage. If you do not buy a condominium policy for your home, the costs could be unimaginable. In some instances, the association master policy will not provide coverage for the building structure. In this situation, the condominium unit owner can have an insurance policy written similar to that of a homeowners insurance policy for a conventional home.
You should discuss your specific needs with an agent. When you get your condo insurance quotes, you will be able to address your individual needs with a local agent from the nationwide network.
Condo Insurance for Your Personal Property
Take a look around your home. Consider how much all of your belongings are worth in your condominium unit and in your garage. Think about your furniture, appliances, art, jewelery, electronics, laptops, television, DVD player, stereo, video game consoles, clothing, and other valuables. Think about the items in your garage, such as your car, truck or motorcycle, bicycle and sporting equipment. You have placed large investments in your personal property and now it needs to be protected with comprehensive condo insurance. This important purchase will protect your personal property against loss or damage from many specified causes, such as the following:
Fire or lightning
Weight of ice, snow or sleet
Windstorm or hail
Vandalism or malicious mischief
Artificially generated electrical current
Accidental discharge or overflow of water
Accidental eruption of hot water heating system
Riot or civil commotion
Most basic condo insurance coverage does NOT include compensation for damages caused by flood or earthquake
Some restrictions apply and specifics of each condo insurance policy should be discussed with a local agent from one of the nationwide companies. There are several instances in which you may need special coverage for your specific situation or location. For instance, if you work from home or have a home business, or if you need flood or earthquake insurance for your location, you may need special coverage considerations. Also, if you have expensive collectors items, art work, jewelry or other valuables, you may want to talk to an agent about additional rider policies. Regardless of what they may be, be sure to talk to an agent about your specific needs. Never hesitate to ask questions either.
Condo Insurance Deductibles
Your deductible is the amount of a covered loss you must pay before the insurance payments begin. For example, if the home owner has a $250 deductible, the owner will have to pay $250 toward the loss in a claim before the condominium unit owners insurance will begin to make payments toward the loss in a claim. Owners can increase their deductible to $500, $1,000 or more, which will generally lower their premium costs. However, home owners must be willing and able to pay out-of-pocket for costs in a loss toward the deductible before the coverage kicks in. Homeowners must also be certain they have enough coverage.
Some restrictions apply and specifics of each policy should be discussed with a local agent from one of the nationwide companies. There are several instances in which you may need special coverage. For instance, if you work from home or have a home business, or if you need flood or earthquake coverage for your unit, you may need special coverage. Be sure to talk to an agent about your specific needs.
You can make sure you have enough coverage by doing a home inventory of your belongings to determine the value of your possessions. Be sure to record purchases, dates and prices. Although a written copy of your home inventory is good to have when making a claim, adding photos and videos are extraordinarily helpful. If there is ever a covered event, to ensure your claim is quickly processed, you will also want to save receipts for major purchases. Make sure your policies have an inflation-guard feature, which automatically increases coverage for belongings. Be sure to keep your home inventory outside of your unit.
Deciding to Buy Condo Insurance
There are many different choices when it comes to making this extremely important decision. It is critical for homeowners to remember that condominium unit owners policies are subject to the terms, provisions, exclusions and conditions in the policy itself and any endorsements. The goal here is to inform homeowners about coverages so when they are discussing the specific areas of policies with companies, they are better able to make informed decisions when it comes to protecting their home and belongings. It is good to have a primer on condo insurance before you evaluate policies, rates and costs. This will be helpful when you compare condo insurance quotes and decide to buy.
When you buy a condominium, you will be sharing other common areas of the building with other homeowners. As such, you will need to have the right type of coverage for the possible risks that this living situation entails.
Cover What is NOT Included in the Master Policy
Most condominium buildings have an association master policy. Though these vary, this type of policy generally covers the common areas, such as the garage, lobby, elevators, swimming pool, tennis courts, the actual structure of the building, and such. Find out exactly what is covered by the master policy and what is not. Any items that are not covered by the association master insurance policy need to be covered by the owner. Any gaps in coverage could end up costing you big.
When you find out exactly what is not covered by the master policy, talk to agents who specialize in condo insurance to find coverage that meets your individual needs. Get multiple condo insurance quotes and compare policies to find the one that best addresses your needs. Buy the policy that has the right amount and kind of coverage at the cheapest rate.
Protect Your Remodeling Investment
When deciding to buy condo insurance, you will also want to consider any future remodeling or additions to your condominium. This can be as simple as replacing the carpet with better quality or as complex as renovating the kitchen or entire unit. If you plan to do any remodeling, you will want to inform the company that insures you so you can get the additional coverage you require. If you ever need to make a claim against your condo insurance, you will not want to be at a loss for the additional money you invested into your home.
Compare Multiple Quotes
Compare multiple condo insurance quotes that are offered by different companies before you buy a policy. When you compare rates and costs, be sure to compare the same items from different companies. For example, compare only the coverage for structural loss with Company A against coverage for structural loss with Company B. When you have found the one with the best coverage at the lowest rate, check out the company's history and claim service before you buy a policy from them.
Additional Condo Insurance Coverage
There are a items in condo insurance policies that tend to be over looked and can end up being large unexpected costs for owners. Check to see if the condo insurance covers damages from back-up of sewers and drains. If you own expensive items such as antique furniture, jewelry or art work, you may need to purchase additional coverage on top of your the regular policy you plan to buy. You may also want to consider umbrella liability, which will offer wider protection for liability damage than regular condo insurance.
Condo Insurance Discounts
When getting condo insurance quotes, you will likely be looking for cheap rates. You can get cheaper rates by asking an agent about any discounts or ways to lower your rate. You may be able to get cheap condo insurance quotes by increasing your deductible or bundling your life, health or auto insurance with the same company.
The best way to get cheap condo insurance is to compare multiple quotes from local agents in your area. Get your free condo insurance quotes by filling in the short form today!